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Plainsmen Apartments 10701 NE 59th St 16 Unit Apartment Building $3,749,900 ($234,369/Unit) 6.75% Cap Rate Vancouver, WA 98662
Investment Highlights
- 16 Fully Leased & Stabilized Units
- Special Pricing Incentive for Any Sale That Closes On or Before 4/31/2026
- Fully Renovated Building
Executive Summary
Fully renovated & fully leased building with a 6.75% cap rate! This price is eligible for any sale that closes on or before 4/31/2026. Located at 10701 NE 59th St in Vancouver, this 16-unit multifamily asset delivers immediate, stabilized income with the added security of comprehensive renovations already completed. Each 2BR/1BA apartment features contemporary finishes, durable hard-surface flooring, and solid surface countertops in open, light-filled layouts designed to support strong tenant retention. The property benefits from a prime Five Corners location offering excellent walkability, onsite parking, and close proximity to major retail and lifestyle amenities including Vancouver Mall, Vancouver Plaza, grocery stores, dining, and everyday services, as well as convenient access to C-TRAN transit routes and key commuter corridors such as SR-500 and I-205. Nearby parks, employment centers, and neighborhood conveniences further enhance tenant demand. With minimal near-term capital expenditure requirements, this asset is positioned for reliable cash flow today and long-term appreciation in one of the Vancouver metro area’s most active and resilient rental submarkets.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$314,040
|
$25.20
|
| Other Income |
$5,476
|
$0.44
|
| Vacancy Loss |
$12,562
|
$1.01
|
| Effective Gross Income |
$306,954
|
$24.63
|
| Taxes |
$22,613
|
$1.81
|
| Operating Expenses |
$31,302
|
$2.51
|
| Total Expenses |
$53,915
|
$4.33
|
| Net Operating Income |
$253,039
|
$20.30
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $314,040 |
| Annual Per SF | $25.20 |
| Other Income | |
|---|---|
| Annual | $5,476 |
| Annual Per SF | $0.44 |
| Vacancy Loss | |
|---|---|
| Annual | $12,562 |
| Annual Per SF | $1.01 |
| Effective Gross Income | |
|---|---|
| Annual | $306,954 |
| Annual Per SF | $24.63 |
| Taxes | |
|---|---|
| Annual | $22,613 |
| Annual Per SF | $1.81 |
| Operating Expenses | |
|---|---|
| Annual | $31,302 |
| Annual Per SF | $2.51 |
| Total Expenses | |
|---|---|
| Annual | $53,915 |
| Annual Per SF | $4.33 |
| Net Operating Income | |
|---|---|
| Annual | $253,039 |
| Annual Per SF | $20.30 |
Property Facts
| Price | $3,749,900 | Lot Size | 0.67 AC |
| Price Per Unit | $234,369 | Construction Status | Under Renovation |
| Sale Type | Investment | Building Size | 12,464 SF |
| Cap Rate | 6.75% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2026 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Building Class | B | ||
| Zoning | GC - General Commercial | ||
| Price | $3,749,900 |
| Price Per Unit | $234,369 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.67 AC |
| Construction Status | Under Renovation |
| Building Size | 12,464 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1968/2026 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | GC - General Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer Hookup
- Heating
- Kitchen
- Range
- Tub/Shower
- Dining Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | $1,670 | 750 |
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Walk Score®
Very Walkable (72)
Bike Score®
Very Bikeable (74)
Property Taxes
| Parcel Number | 106970-000 | Total Assessment | $2,180,000 |
| Land Assessment | $291,852 | Annual Taxes | $22,613 ($1.81/SF) |
| Improvements Assessment | $1,888,148 | Tax Year | 2025 |
Property Taxes
Parcel Number
106970-000
Land Assessment
$291,852
Improvements Assessment
$1,888,148
Total Assessment
$2,180,000
Annual Taxes
$22,613 ($1.81/SF)
Tax Year
2025
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Plainsmen Apartments | 10701 NE 59th St
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